JYP Entertainment, the K-pop powerhouse that houses some of the major K-pop groups such as Twice and Stray Kids, is constructing a new building to be used as its headquarters.

The agency announced Tuesday that it has bought 10,675 square meters of land in Gangdong-gu, Seoul from Seoul Housing and Communities Corporation.

“The land will be used to establish a new office building for the agency. We anticipate expanding office space which is part of our mid-to-long-term business plan, helps increase work efficiency and productivity,” explained JYP Entertainment.

The agency has been using its current headquarters located near the Olympic Park in Seoul's Songpa district since 2018.

JYP Entertainment was founded as Tae-Hong Planning Corporation in November 1997 by the South Korean singer-songwriter Park Jin-young.

It was renamed JYP Entertainment after the founder's name in 2001.

JYP continues to show growth recording 151.7 billion won ($112 million) in sales and 45.7 billion won in operating profit in the second quarter of this year.

Its growth is expected to continue into the third quarter as the agency’s girl group Twice had a successful stadium tour in the US and its boy group Stray Kids has topped the Billboard 200 chart for the third time with its latest release.

JYP Entertainment is also launching a new girl group, VCHA, which consists of six foreign members, this year aimed at localizing K-pop in the US.